MULL Collar Strategy
MULL (GraniteShares 2x Long MU Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Micron Technology Inc, (NASDAQ: MU) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MU for periods greater than a day.
MULL (GraniteShares 2x Long MU Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $131.9M, a beta of 9.68 versus the broader market, a 52-week range of 12.03-564.06, average daily share volume of 443K, a public-listing history dating back to 2024. These structural characteristics shape how MULL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 9.68 indicates MULL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MULL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on MULL?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current MULL snapshot
As of May 15, 2026, spot at $447.53, ATM IV 169.80%, IV rank 61.14%, expected move 48.68%. The collar on MULL below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on MULL specifically: IV regime affects collar pricing on both sides; mid-range MULL IV at 169.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 48.68% (roughly $217.86 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MULL expiries trade a higher absolute premium for lower per-day decay. Position sizing on MULL should anchor to the underlying notional of $447.53 per share and to the trader's directional view on MULL etf.
MULL collar setup
The MULL collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MULL near $447.53, the first option leg uses a $470.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MULL chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 MULL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $447.53 | long |
| Sell 1 | Call | $470.00 | $83.00 |
| Buy 1 | Put | $425.00 | $77.95 |
MULL collar risk and reward
- Net Premium / Debit
- -$44,248.00
- Max Profit (per contract)
- $2,752.00
- Max Loss (per contract)
- -$1,748.00
- Breakeven(s)
- $442.48
- Risk / Reward Ratio
- 1.574
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
MULL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on MULL. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$1,748.00 |
| $98.96 | -77.9% | -$1,748.00 |
| $197.91 | -55.8% | -$1,748.00 |
| $296.86 | -33.7% | -$1,748.00 |
| $395.81 | -11.6% | -$1,748.00 |
| $494.76 | +10.6% | +$2,752.00 |
| $593.71 | +32.7% | +$2,752.00 |
| $692.66 | +54.8% | +$2,752.00 |
| $791.61 | +76.9% | +$2,752.00 |
| $890.56 | +99.0% | +$2,752.00 |
When traders use collar on MULL
Collars on MULL hedge an existing long MULL etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
MULL thesis for this collar
The market-implied 1-standard-deviation range for MULL extends from approximately $229.67 on the downside to $665.39 on the upside. A MULL collar hedges an existing long MULL position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current MULL IV rank near 61.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on MULL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MULL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MULL-specific events.
MULL collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. MULL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MULL alongside the broader basket even when MULL-specific fundamentals are unchanged. Always rebuild the position from current MULL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on MULL?
- A collar on MULL is the collar strategy applied to MULL (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With MULL etf trading near $447.53, the strikes shown on this page are snapped to the nearest listed MULL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MULL collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the MULL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 169.80%), the computed maximum profit is $2,752.00 per contract and the computed maximum loss is -$1,748.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MULL collar?
- The breakeven for the MULL collar priced on this page is roughly $442.48 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current MULL market-implied 1-standard-deviation expected move is approximately 48.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on MULL?
- Collars on MULL hedge an existing long MULL etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current MULL implied volatility affect this collar?
- MULL ATM IV is at 169.80% with IV rank near 61.14%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.